From Yahoo Finance: 2025-06-09 09:00:00

When buying a home, understanding your mortgage options is key. Ask your lender about conventional, FHA, USDA, or VA loans. Special programs may be available for first-time buyers or low-income borrowers. Be prepared to submit documents like pay stubs and tax returns to avoid delays. Timing is crucial in a hot market, so ask about the application process. Online lenders may offer faster processing, but fees and rates vary. Understand down payment requirements and explore assistance programs to lower costs. Private mortgage insurance is required for some loans, while fees at closing can add up. Interest rates and APRs impact total borrowing costs, so compare offers carefully. Consider rate locks and lender credits to manage costs. Monthly payments include more than just principal and interest, so ask for a breakdown. Closing costs can be negotiated, and lenders may offer options to lower upfront expenses. Understand the closing process timeline and required documents for a smooth experience. Loan servicers may change after closing, so stay informed about where to send payments. Prepayment penalties may apply, especially for early mortgage payoff. First-time buyers should explore down payment assistance programs and prequalify with multiple lenders. Prepare for meetings by calculating your budget and gathering financial documents.



Read more at Yahoo Finance: Questions to ask a home loan lender